Vocab 4 - 20 words Flashcards
(20 cards)
Usury
The practice of charging more than the rate of interest allowed by law
Contingencies
A provision or condition in the purchase of real estate reqiring a certain act to be done or an event to happen before the contract becomes binding.
Reconveyance Deed
A deed which indicates that the borrower is released from a mortgage debt and transfers the property title from the lender (or beneficiary) to the borrower. Most commonly issued when a mortgage has been paid in full
Exclusive listing
Employment agreement in which a specified agent earns a commission if a property is sold within a specific time frame. The specified agent will generally earn a commission, even if another licensee finds a buyer. if two exclusive listings are signed, the seller may have to pay two commissions.
Real Property
Goes with the property; Generally immovable
Personal Property
Goes with the person; movable
Another name for personal property is “chattel”.
Fixture
Personal property that has become real property. Use acronym “Maria” for memory:
Method, Adaptability, Relationship, Intention, Agreement.
Trade Fixture
Fixtures used in a business; this makes it personal property.
Riparian rights
River; streaming water. Water rights associated with a river or stream. Rights are limited
Littoral Rights
Lake or ocean; a standing body of water. Water rights associated with a lake or ocean. Rights are limited.
Accretion
Additional land accumulated through gradual motion of water.
Avulsion
Sudden, tearing away of land due to the movement of water.
Reliction
Also known as “Dereliction”:
Land added when body of water recedes.
Appurtenances
“runs with the land”
A right which attaches to property.
Freehold Estate
No fixed duration of ownership
Lease
Rights of possession but not ownership: Lessor (Landlord) and Lessee (tenant).
Gross Lease
Lease in which the landlord is responsible for property expenses and charges a total amount of rent to enable him/her to pay home expenses.
TILA-RESPA INTEGRATED DISCLOSURE RULE (TRID)
CFPB rule that integrates TILA and RESPA disclosures into new forms.
TILA
Act regulating advertising for consumer credit. Federal law designed to protect consumers against unfair credit practices, provide limits on unfair practices, and guarantees that all borrowers receive adequate information on the cost of consumer credit. “TILA” stands for Truth in Lending Act.
RESPA
Federal law requiring closing cost disclosure and outlawing kickbacks.
